Allied Market Research published a report, titled, “Image-Guided Radiation Therapy Market by Product (4D RT, LINAC, MRI-guided Radiotherapy, Portal Imaging and CT Scanning), Procedure (IMRT (intensity modulation radiation therapy) , Stereotactic Therapy, Particle Therapy, Others), and End User (Hospitals, Independent Radiotherapy Centers and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033″. According to the report, the image-guided radiation therapy market was valued at $1.9 billion in 2023, and is estimated to reach $3.3 billion by 2033, growing at a CAGR of 5.7% from 2024 to 2033.
Key Takeaways
- The image-guided radiation therapy industry study covers 20 countries. The research includes a segment analysis of each country in terms of value for the projected period.
- More than 1, 500 product literatures, industry releases, annual reports, and other such documents of major image-guided radiation therapy industry participants along with authentic industry journals, trade associations’ releases, and government websites have been reviewed for generating high-value industry insights.
- The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and to assist stakeholders in making educated decisions in order to achieve their most ambitious growth objectives.
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Image-guided radiation therapy (IGRT) is experiencing significant growth due to several key drivers such as technological advancements in imaging modalities such as MRI, CT, and PET have greatly enhanced the precision and accuracy of radiation delivery, allowing for more targeted treatment of tumors while minimizing damage to surrounding healthy tissue. For instance, the integration of MRI-guided radiation therapy systems such as the ViewRay MRIdian system enables real-time visualization of tumors during treatment, leading to improved outcomes.
Key Market Drivers
Technological Advancements: Integration of advanced imaging techniques, such as Cone Beam Computed Tomography (CBCT) and MRI-guided radiation therapy, is enhancing treatment precision and effectiveness.
Rising Cancer Incidence: The increasing prevalence of cancer globally is driving demand for IGRT, which offers targeted and minimally invasive treatment options.
Shift Toward Personalized Medicine: The trend towards personalized treatment plans, facilitated by genomic profiling and biomarkers, is enhancing the effectiveness of IGRT.
Market Challenges
High Treatment Costs: The expense associated with IGRT equipment and procedures remains a significant barrier to widespread adoption, particularly in developing regions.
Shortage of Skilled Professionals: The complexity of IGRT systems requires specialized training, and the scarcity of trained professionals poses a challenge to market expansion.
In addition, the rising incidence of cancer globally, coupled with the increasing demand for personalized medicine, has fueled the adoption of IGRT as a preferred treatment modality. With the ability to tailor radiation therapy to individual patient anatomy and tumor characteristics, IGRT offers enhanced efficacy and reduced side effects. Lastly, favorable reimbursement policies and government initiatives aimed at promoting advanced cancer treatment technologies have further stimulated market growth by facilitating accessibility to IGRT systems for both healthcare providers and patients. For instance, reimbursement policies in countries like the U.S. incentivize the adoption of IGRT by covering a significant portion of treatment costs, thereby encouraging investment in this technology by healthcare facilities. Overall, these drivers are propelling the growth of the IGRT market during the forecast period.
Segment Highlights
By Product
- 4D RT
- LINAC
- MRI-guided Radiotherapy
- Portal Imaging
- CT Scanning
By Procedure
- IMRT (intensity modulation radiation therapy)
- Stereotactic Therapy
- Particle Therapy
- Others
By End User
- Hospitals
- Independent Radiotherapy Centers
- Others
By Region
- North America (U.S., Canada, Mexico)
- Europe (France, Germany, Italy, Spain, UK, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Brazil, South Africa, Saudi Arabia, Rest of LAMEA)
North America held the highest market share in terms of revenue in 2023, owing to rise in prevalence of chronic disease cases, presence of key players offering image radiation therapy products, ease of availability, and developed healthcare infrastructure drive the growth of the market. However, emerging countries are experiencing a surge in healthcare spending as economies develop and populations increase. This increased investment in healthcare infrastructure, technology, and services creates a conducive environment for the adoption of image-guided radiation therapy devices.
Key Players:
- Varian Medical Systems Inc.
- Elekta AB
- Accuray Incorporated
- ViewRay Inc.
- Siemens Healthineers AG
- Hitachi Ltd.
- Brainlab AG
- Mevion Medical Systems Inc.
- C-RAD AB
- Sumitomo Heavy Industries Ltd.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the image-guided radiation therapy market analysis to identify the market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the image-guided radiation therapy market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global image-guided radiation therapy market trends, key players, market segments, application areas, and market growth strategies.
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